ESPN's Adam Schefter tweeted this on Saturday: "Most interesting potential salary cap casualty in coming days: Cowboys WR Miles Austin. Dallas needs cap space and Austin would provide it."
Austin is scheduled to make about $6.7 million next season, and the Cowboys would save $5 million if they release him before then. In 15 games last season, Austin caught 66 passes for 943 yards and six touchdowns.

Update: On Saturday night, Cowboys owner Jerry Jones shot down this report. He said, via Schefter, the team "has no plans" of releasing Austin. But he did indicate that his contract could be renegotiated.

Fantasy Analysis:

I can see Austin and the Cowboys finding a way to restructure his contract, but I would be very surprised if they flat-out dropped him. Austin's value and ability have lessened due to a myriad of hamstring injuries over the past two years. But he is still a productive second option out wide, and the Cowboys have no one really ready to replace him. Even if he stays in Dallas, Austin is trending toward WR3 range.